HBC, The Bay’s parent company, closed its acquisition of the rival retailer and created a new entity, Saks Global, which now owns Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH. The deal includes Amazon and Salesforce as investors in Saks Global, while Hudson’s Bay will be “separately financed” with its partner, real estate giant RioCan. (The Logic)
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HBC, The Bay’s parent company, closed its acquisition of the rival retailer and created a new entity, Saks Global, which now owns Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH. The deal includes Amazon and Salesforce as investors in Saks Global, while Hudson’s Bay will be “separately financed” with its partner, real estate giant RioCan. (The Logic)
Talking point: Spinning Saks Global into its own entity and beefing it up with new investors will reduce HBC’s debt and infuse more cash into its stand-alone Canadian business, which includes a $2 billion real estate portfolio. The Neiman Marcus acquisition was financed with both equity and debt, including US$2.2 billion in secured notes and credit facilities. The department store sector has seen a wave of consolidation during the make-or-break holiday shopping season, with the Nordstrom family announcing on Monday it would take the retailer private in a deal with Mexican retail group, El Puerto de Liverpool.
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